Tesla CEO Elon Musk's $5 Billion Apology Tour

02 August, 2018, 18:28 | Author: Sara Gill

The outspoken Musk, who told analysts last quarter that he refused to answer their "boring" questions, apologized multiple times on Wednesday during a post-earnings call for his past behavior. The company probably will use "essentially a loan from the local banks" in China to fund a new factory it's building in Shanghai, he said on the call.

He explained he had been exhausted from working more than 110 hours per week last quarter.

Musk also tweeted that developer applications must show prior work and that he's looking for games with "max playability & creativity". It now says production is rising, with the goal of 6000 per week by the end of August. After Tesla produced 5,000 per week in July following several delays in reaching that target, analysts were concerned whether it could maintain the production rate.

Camera IconA Tesla Model 3.

Mr Musk said he expects the company to achieve sustained quarterly net profits from now on, barring an unforeseen event, supplier problems or economic downturn.

Cash from selling the Model 3, which starts at $35,000 but runs far higher with options, is key to holding off more borrowing and turning a profit.

Now that the company finally hit the target, it's reviving a goal to make 10,000 a week sometime in 2019.

The company said it has cut back on capital spending by changing its strategy to produce the Model 3 on existing assembly lines, one in a giant tent, rather than adding all-new lines.

Adjusted for stock-based compensation, the company lost $3.06 per share. Many analysts have questioned how long he can stay insistent, citing lingering doubts that the company can sustain higher Model 3 production levels and afford to pay off some of the liabilities looming on its balance sheet. That was worse than Wall Street estimates. Analysts polled by FactSet expected a $2.88 loss per share. Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion.

Tesla has begun to lay off 9 percent of its workforce as it tightens spending. Last quarter, the company kept stockholders happy by mitigating losses and promising profitability in the third and fourth quarters.

While Musk flaunted plans to get Tesla's fiscal house in order, he also might end up raising some capital after all.

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